Analysts at the crypto exchange Bybit have highlighted factors that contributed to bitcoin (BTC) recording its worst single-week percentage decline since the FTX collapse in November 2022. According to the report, the decline was not triggered by random panic from the market, but was a result of a structural breakdown that had been building for weeks.
As reported in the Bybit Options Weekly Review, multiple forces hit simultaneously: stronger U.S. jobs data, record outflows from spot Bitcoin exchange-traded funds (ETFs), and Strategy challenging its “never sell BTC” narrative.
BTC Decline Signals Technical Breakdown
During the week ending June 8, BTC fell from $73,760 to $59,130 for the first time since October 2024. Although a wave of dip-buying and short-covering quickly brought the asset’s price back above $61,000, the plunge signaled a technical breakdown that had been brewing beneath the surface.
Ether’s Relative Strength Index (RSI) fell to a reading of 12.78, which is th
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